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NEWS RELEASE
NEW THREAT TO FINANCIAL JOURNALISTS IN MARKET ABUSE
DIRECTIVE
A new report from the Committee of European Securities Regulators (CESR)
recommending measures for implementation of the Market Abuse Directive will
undermine financial journalism and replace long-established media regimes in
Member States
The European Publishers Council (EPC), supported by an alliance of media groups
representing newspaper, magazine, online publishers, news agencies, radio and
television broadcasters, as well as the journalists’ unions are calling on the European
Parliament to amend the wording of the directive to ensure that the financial
regulators, who have no expertise in how the media work, do not set standards in the
areas of “fair presentation” and disclosure of conflicts of interest.
The European Parliament’s EMAC committee meets tomorrow (Wednesday) to
discuss the directive. The European Parliament has until the end of September to
respond to the CESR proposal – a report drawn up without consultation with the
media industry.
Francisco Pinto Balsemão said: “ If implemented, the CESR proposals would subject
financial journalism to new, intrusive and unworkable regulation, effectively
replacing the self-regulatory regimes in Member States which have been operating
successfully for many years. Elements of the CESR paper clearly threaten financial
journalism and we are calling on the European Parliament to amend the wording of
the current text to protect editorial freedom”.
CESR report: http://www.europefesco.org/v1/default.asp
“Whilst the CESR almost certainly did not set out to undermine financial reporting,
the wording in its proposals is entirely inappropriate for the regulation of journalism.
Issues of concern to the CESR such as conflict of interest are already dealt with in the
media sector in most cases under employment contracts and otherwise by effective
self-regulatory codes.”
Media groups are calling for the following wording to be added to the current text:
“This article shall not apply to journalists when they act in their professional
capacity.”
Mr Balsemão added: “This additional wording in no way dilutes the liability for any
journalist who wilfully seeks to distort the market for personal gain – an article which
is already contained in the directive and which we wholeheartedly support.”
For further information, please contact Heidi Lambert Communications in Brussels on
+32 2 732 5546 or [email protected] or Angela Mills in the UK on +44 1865 310732
ENDS
10 September 2002